Nearly 79 Percent Inflation: What is Happening in Turkey

Inflation in Turkey reached a two-decade high of 78.62 percent in June, according to data released by the Turkish Statistical Institute, local media reports.

This figure is the highest recorded since September 1998 when Turkey was struggling to overcome a decade-long period of high inflation.

It is worth noting that inflation in Turkey began to rise last fall after the lira sharply depreciated following the Central Bank's gradual reduction of the key interest rate.